We are very pleased to announce that in working with the Securities Division of Washington’s Department of Finance we have achieved approval status for Washington lenders once again. Starting first thing tomorrow morning, Washington lenders will have access to all lending through our platform. We are happy to welcome everyone back!
We also wanted to give our lender community an update on all state statuses. We are doing what we can to get approval in as many states as possible and to make peer-to-peer lending available to everyone. However, each state has its own set of regulations and restrictions along with a comprehensive application process.
For folks residing in Arizona, or North Carolina – each of these states has securities law requirements that we are unable to meet at this time. Unfortunately, we are not pushing forward with Arizona or North Carolina. In the event that anything changes, we will reassess this opportunity.
Many states have responded individually with a message that conveys a fundamental skepticism for peer-to-peer lending, and it’s unlikely we will receive approval without a shift on these views. These states include Arkansas, Indiana, Iowa, Maryland, Massachusetts, North Dakota, Pennsylvania, and Tennessee. If you reside in one of the aforementioned states and feel so inclined, you can reach out to your local governments encouraging their consideration of peer-to-peer lending platforms.
Similarly, several states who have communicated skepticism of peer-to-peer lending, have required us to withdraw our application when it became apparent that we could not overcome that skepticism in the near term. Thus, we have removed applications from Alabama, Kansas, Kentucky, Nebraska, New Jersey, New Mexico, Ohio, Oklahoma, Texas, and Vermont.
We will continue to push this on our end as peer-to-peer lending grows and becomes more widely accepted across the nation. We appreciate your support and feedback along the way.